Traders
work
on
the
floor
of
the
New
York
Stock
Exchange
on
May
16,
2024.
Brendan
Mcdermid
|
Reuters
Nasdaq-100
futures
rose
on
Wednesday
evening
as
Wall
Street
assessed
the
latest
quarterly
results
from
market
bellwether
Nvidia.
Nasdaq-100
futures
jumped
0.4%,
while
S&P
500
futures
added
0.2%.
Futures
tied
to
the
Dow
Jones
Industrial
Average
dipped
53
points,
or
0.1%.
Chipmaker
and
artificial
intelligence
darling
Nvidia
added
6%
in
extended
trading,
sending
shares
above
$1,000,
after
posting
stronger-than-expected
fiscal
first-quarter
results
and
announcing
a
10-for-1
stock
split.
Nvidia’s
fiscal
second-quarter
revenue
guidance
of
about
$28
billion
also
beat
a
StreetAccount
forecast
of
$36.2
billion
—
a
sign
the
company
doesn’t
see
its
momentum
slowing.
Snowflake
added
4%
on
a
revenue
beat.
Nvidia’s
results
have
been
a
focal
point
for
Wall
Street,
as
traders
hoped
for
signs
that
the
excitement
around
AI
is
not
waning.
With
its
$2.3
trillion
market
cap,
Nvidia
also
has
considerable
sway
over
the
broad
S&P
500.
The
stock,
alongside
AI
and
megacap
technology
peers,
has
powered
the
market’s
gains
into
2024,
with
Wolfe
Research’s
Chris
Senyek
noting
that
a
beat
would
be
a
“key
tailwind”
for
equities
overall.
“Even
in
the
face
of
huge
expectations,
the
company
once
again
stepped
up
and
delivered,”
said
Ryan
Detrick,
chief
market
strategist
at
Carson
Group.
“The
always
important
data
center
revenue
was
strong,
while
future
revenue
was
also
impressive.
Bottom
line,
the
bar
was
high
and
cleared
it
once
again.”
Stocks
dropped
during
Wednesday’s
session
after
minutes
from
the
Federal
Reserve’s
May
meeting
fueled
concerns
over
sticky
inflation
and
fear
that
the
central
bank
may
push
off
cuts.
The
30-stock
Dow
fell
0.51%,
for
its
worst
session
in
May.
The
S&P
500
dipped
0.27%
and
the
Nasdaq
Composite
slid
0.18%.
The
final
stage
of
the
first-quarter
reporting
season
continues
Thursday
with
results
from
Ralph
Lauren,
BJ’s
Wholesale,
Workday
and
more.
On
the
economic
front,
investors
await
weekly
jobless
claims
and
new
home
sales
data
for
April.
